Crypto Asset Legislation Will Be Focal Point of Upcoming Russian Parliament Session on Digital Economy

The spring session of 2019 Russian parliament will have legislative initiatives on the digital economy set as one of the top priorities says Vyacheslav Volodin.

He is the chairman of the State Duma of the Federal Assembly of the Russian Federation of the seventh convocation. Elected as a deputy in the federal list of candidates nominated by the All-Russian political party “United Russia.”

Volodin noted: “I would like to mention the block of bills on the digital economy. These are laws on digital financial assets, digital rights, and crowdfunding. We have identified this work as one of our priorities.”

He believes that creating a favorable legal framework for the development of the digital economy should in many respects provide us with an advantageous position in competition among other countries. He thinks they are obliged to do so, considering the global trends.

Regarding this issue, he appeals to the chairman to coordinate and create working groups of experts, representatives of the business and academic community in order to prepare for this responsible work. He added that in the near future the Government of the Russian Federation will introduce more than 20 bills on the digital economy. He urges the Chairman to be prepared for the qualitative review of these legislative initiatives.

Notably, the Russian government has been working to make their country welcoming to cryptocurrency, establishing a draft bill called “On Digital Financial Assets.” The bill was adopted, along with two other pieces of legislation aimed at regulating the crypto sector – a draft amending the Russian Civil Code to incorporate a definition of “digital rights” and another one introducing rules for crowdfunding platforms.

The legislation was a sore “disappointment,” which can be largely due to the lack of coordination between writing the three bills that would apply. The bills in this form caused dissatisfaction with the Russian Union of Industrialists and Entrepreneurs, whose coordination board for digitalization is headed by the President of Norilsk Nickel and Interros owner Vladimir Potanin.

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